Bend oval mesh around cylinder
You can either reate a b&amp;w ovale image that you'll use as a mask for your bottle material, or create an object for the label itselt. In that case you can use the Knife Project tool:

Create a plane, subdivide vertically. Create another object, a circle that you stretch on the Z axis and that you put in front of the plane:



In Object mode, select the ovale, shift select the plane, switch to Edit mode, go in front view and in the header menu &gt; Mesh &gt; Knife Project:



It has cut the ovale shape on the plane. Ctrli to invert the selection and delete the edges to keep the ovale:



Apply the Rotation of your label, give it a Simple Deform modifier / Bend mode, bend as much as you want on the Z axis, give it a Solidify modifier if you want:


Or (but it will be less accurate as it's an anamorphosis):

Duplicate your bottle, create an circle in front of it that you stretch on the Z axis:



Select the ovale, shift select the bottle, switch to Edit mode, go in front view:



Go in the header menu &gt; Mesh &gt; Knife Project:



The ovale shape has been printed on the bottle, you can keep the ovale and delete the rest with Ctrli to invert the selection and X &gt; Delete Faces. Then you can give it thickness with a Solidify modifier.